Today, the first opened low and went low, all the way down, with a net outflow of nearly 10 billion yuan of northbound funds. A few days ago, the national team came in the afternoon to pull up the index, and today it seems that the national team did not go to work, so the index fell so silky.
The liquor sector fell sharply today, a big fall, and various bearish views on liquor came out again. For example, there are fewer and fewer people drinking liquor, liquor is about to enter a downward cycle, and the goods are pressed in the hands of dealers and cannot be sold. Even Lin Yuan said that he would not sell or buy liquor in the future, only hold it, not trade it.
In fact, looking at these sectors of A-shares, liquor is a unique existence, with high gross profit margin, high net profit margin, high ROE, no R&D investment, and the production process only needs to maintain the status quo. This business model is very good.
In the past, I liked growth stocks with rapid growth, but since this year, I have become more and more fond of those that have a good business model and stable growth every year. And those high-growth growth stocks, it is difficult to maintain long-term high-speed growth, easy to fall into the trap of growth stocks, ordinary ** it is difficult to know when they will reach the performance inflection point, investment in this kind of **, may not be able to make money.
Many people say that there are two types of companies to invest in, one is the company that is not changed by the world, and the other is the company that changes the world. In A-shares, the former are mainly liquor and traditional Chinese medicine stocks, while the latter are mainly technology stocks. I think it's hard to understand technology stocks, but for liquor and pharmaceutical stocks, I can understand a little bit with a little more time. So, in the future, I may be panning for gold in drinking and taking medicine.
The key is to buy cheaply. Institutions generally ** Luzhou Laojiao will grow by more than 20% next year, Shanxi Fenjiu will grow by about 25% next year, and the current dynamic price-earnings ratio of the two ** is about 20 times, which is a reasonable low valuation. However, compared with historical data, it is not an extremely underestimated state, and if it falls a lot, it can continue**.